About

GROUP WELFARE PLAN-vanguard Life

Thursday, August 27, 2020

 


The Ghanaian economy is developing rapidly and with this development comes increased competition for resources. One of the key resources to any company’s success is it’s people. Good employees are like gold. Keep them. Retain talent and improve your employees’ benefits with risk solutions to employer and affinity groups.

At Vanguard Life Assurance Company Limited (Vanguard Life), we realize the need to attract and retain resources and we have developed a Comprehensive Employee Risk Benefit Solution which will allow you to attract and retain staff.

Currently the law in Ghana requires all Employees to be covered under the Workmen’s Compensation Act of 1987 updated by the Workmen’s Compensation Instrument of 1994. The benefits cover employees should an injury occur in the Workplace.

Some companies have extended this cover to allow for Death or Disability which results from an Accident. The event is covered either in the workplace only or over a 24 hour period.

The Global trend is to offer Benefits which not only cover you in the event of an accident or event taking place in the Workplace but to cover all employees regardless of where the event occurs or the cause of the event. This is commonly known as “All occurrences benefits” or also referred to as “Any cause” benefits.

To avoid the duplication of cover Vanguard Life provides flexibility to choose stand-alone benefits or packaged benefits which include a combination of Workmen’s Compensation, Group Personal Accident and all occurrences benefits.

Vanguard Life will guide you through a process of benchmarking insurance benefits against that of your peers and international companies to ensure your staff have the best risk benefits.

Vanguard Life Employee Risk Benefit Plan is an insurance policy designed to provide life insurance cover for employees of an institution. We summarize the benefits which are offered to Employees to cover against Life events which will have a financial impact on the company or employee and the dependent family.

It is common practice for companies to purchase a package of the benefits outlined below.

GES GROUP LIFE INSURANCE POLICY-SIC

Tuesday, April 14, 2020


What is the GES Group Life Policy?

This is a comprehensive Group Life Insurance package for all staff of GES nationwide. This Plan takes care of the future. Your dream and that of your dependants will not be cut short by death, illness or accident.

This Plan also provides benefits that give your dependants a sense of stability as they may face a future without you.

 SCOPE OF COVER
i. Death Benefit (Natural or Accidental)
The cover offers a death benefit payable to named beneficiaries of any staff of GES who passes on. The policy will pay out the benefit in the event of death as a result of natural or accidental means within the policy period.

ii. Permanent Disability
This provides a 24-hour protection cover which will pay a determined amount to any staff of GES who suffers bodily injury through an accident. Accident or injury is not limited to periods during which the employee is at work. Neither does it have any geographical limitations. Payment of actual compensation is based on degree of incapacitation.

iii. Critical Illness
This provides benefit for any staff of GES who is diagnosed with the following list of critical illnesses:
• heart attack
• stroke
• deafness
• cancer
• kidney/renal failure
• loss of sight
• loss of speech
• paralysis

The diagnosis must be certified by a qualified Medical Doctor of a Ministry of Health approved hospital within Ghana.

Who is Eligible for cover?
• All staff of GES who are in active service and must not have attained the age of 60 years.

How much Premium will I pay?
• A minimum monthly premium of GH¢10.00

How are Premiums Paid?
• Deductions will be done at source

 BENEFITS

The following benefits are available under the policy;
Death - 18,000.00
Permanent disability - Up to 18,000.00
Critical illness - Up to 9,000.00

 EXCLUSIONS
Claim will not be paid for death, permanent disability and critical illness for events resulting from;
• Suicide or self-inflicted injury.
• War insurrection or civil commotion
• Criminal action or intake of narcotic drugs.
• Aviation other than as a passenger recognized airline.

 Claim Documentation Requirements
• Written letter of notification from GES /Unions.
• Completion of death or injury form

In addition to the above, any of the following proof of death will be required;
• Medical certificate
• Death certificate
• Mortuary and burial documentations
• Coroner’s report
• Police report in case of accident.

In cases of permanent disability and critical illness
• Comprehensive medical report stating the cause and severity of injury or illness will be required.

 WHY THE NEED FOR A LIFE COVER
✓ You’re the primary bread winner in your family
✓ Your family would have trouble living comfortably without your income
✓ You want to provide your family with that extra financial security in the event of death, disease or disability.
✓ You have dependants

For further details, please call our customer service number or contact any of our branch office near you

GES GROUP LIFE POLICY EXIT FORM

Group Life-MILIFE


Group Life is an annual renewable policy which provides substantial coverage for the employees of a company. This product provides absolute peace of mind to companies in terms of providing benefits or compensation to their employees. 
Who is this policy for?
Any recognized group or corporate body that wants to provide cover for their members or employees against life’s unfortunate events.
Cover and Benefit
The policy covers death of a member, with an option to add any or all of the following selected benefits:
  • Total permanent disability as result of illness or accident
  • Total temporary disability as result of accident
  • Named critical illnesses (including Cancer, Stroke, Kidney failure, Paraplegia, Blindness, etc.)
  • Emergency medical expenses
  • Hospitalization
  • Workmen’s compensation
Eligibility
To be eligible for cover, the employee should at the date of the application not be more than 60 years and in good health. However, individuals above 60 years may be considered subject to separate underwriting consideration

Group Life Insurance-GLICO LIFE

Group Life assurance is a type of life insurance designed to provide cover for groups of people. The groups may be made of employees, members of a club, association, church, mosque among others. The policy is mainly to provide benefits to named beneficiaries of any group member who passes on (unfortunate death) during the policy period.
The GLICO LIFE Comprehensive plan is an all – encompassing group insurance plan designed to adequately and equitably cover employees of an institution. The plan is designed to give 24 hour cover whether the employee is at work or outside the office or is involved in an activity outside working hours.
Read more on our group policies to know how GLICO LIFE can help you fulfill your responsibilities under the conditions.

Group Funeral Plan-ENTERPRISE LIFE

The objective of this plan is to insure the obligations of the employer in the unlikely event of an employee's death.

Most conditions of employment as well as tradition require and impose financial obligations on the employer in the event of an employee's death. This includes provision of coffin, donation to family, transport arrangement and refreshment for other staff members. This obligation can be insured under the Group Funeral Plan.

BENEFITS
The plan provides for the payment of funeral and related expenses on behalf of the employer in the event of an employee's death.

The benefits can be extended to cover parents, spouses and children.

Benefits levels shall be objectively determined to reflect the expected financial obligation of the employer.

PREMIUMS
Premiums are relatively low and depend on the average age of the group and number of employees to be covered.

UNDERWRITING REQUIREMENT
Medical examinations shall not be required.

RIDERS:
These are top ups that one can take in addition to the main policy one of which is the Personal Accident.

Personal accident:
Personal Accident has three main components. These are
  •  Permanent Disability Cover: This seeks to provide the payment of a lump sum in the event of a covered member being permanently disabled as a result of an accident. The extent of the incapacitation is determined by a medical doctor and thus the payment is made on a pre-determined agreed scale of incapacitation.
  •  Temporary Disability Cover: This also seeks to provide the payment of a weekly benefit up to a maximum of 52 weeks as a result of temporary disablement resulting from an accident. The maximum weekly benefit payable is the actual income of the person before the incapacitation.
  •  Medical Expenses Cover: This provides cover for medical expenses arising out of an accident up to a maximum pre-determined figure.

 
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